The Bitcoin Chart They Don't Want You To See
I was going through my analysis and we broke down as predicted in my last two updates and we are getting very close to the 'secret bitcoin buy zone' on the weekly 21 with our resetting to our bull market support.
If you haven't seen my 'secret chart' yet, head here to check it out. We're getting close to the bounce zone.
I also gave a lot of reasons for confluence on my more in depth analysis here:
I see, once again, traders calling for low $7000's and potentially even lower.
I am not convinced we are out of the bull market yet as we haven't even had our 21 retest that we've had on every single uptrend we've seen before and we are still far above the 200MA on the daily.
This was just a fun analysis (I don't typically take fractals too serious) as I saw some eerie similarities in the market structure from last week that lined up perfectly with my $9100 buy zone. I like to post my thoughts for you guys anyway, whether they are right or wrong.
It'll be pretty cool if it does play out the way I want it to though! :)
Remember, if you're trading on a spot exchange like coinbase or binance, they are running about $20 more than leverage exchanges. So, make sure you calculate this.
The only question is now, will it line up for the #6 part where it bounces hard off of that lower that it has touched multiple times.
It **IS** possible that we go to $8500 as there are a lot of things that give us confluence there like the gap, the 50% fibonacci zone and several other things.
I guess we will have to wait and see if this plays out.
As always, make sure you are managing your risk appropriately and let me know what you guys think in the comments.
Here are some key levels I'm watching for.
KEY LEVELS WE ARE WATCHING FOR:
- $9333 - 9078
21 WEMA - $8968
Gap and 50% fibonacci zone - $8450
100 DMA - $10,047 – Broke on 8th attempt
Channel - $10,344 – BROKE and Trading BELOW
Local Downside Trend - $10,152
9 - $10,047
20 DMA - $10,429
50 DMA - $10,510
Swing Fail Trendline - $11,064
Weekly - $11,382 - $11,532
Thanks for reading guys! Love all the support and comments. Let's go make some money together .
The fundamentals that were present before the 6% drop are still there. The rising, 2 month wedge on the 4 hour chart, still there. Institutional money still pouring in. Fidelity about to launch BTC trading. TDAmeritrade, same. Bakkt coming online soon. ETFs coming on line soon. Halfening coming in May 2020.
In other words, if you sell now, you're lost. This is a weak hands shakeup, nothing more... and it could continue. More drops could happen. The Whales are buying, and BTC at $9500 is a buying opportunity. BTC at any 4 figure price is a must-buy scenario. While no one can say what happens short term, 12-18-24-36 months from now, we all know where BTC will be.